Makeathon 202
Idea Submission
We’ll cover our Ide
in this 10-page slide.
Team
Team Name: Area 5
Shambhawi Bhur
Nishtha Ratho
Soumya Gupta
Theme
Open Innovation Under Fintech
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Problem Statement
Micro and small business entrepreneurs (MSMEs) are the foundation of a healthy local economy. Contributing 29% towards GDP, SMEs are a major
contributor to socio-economic development. India has around 40-50 million SMEs, accounting for almost 50% of industrial output and 42% of total
export. But even for them, ling taxes can be a bear. Between deadlines, line items, completing forms, there is a lot of information to know.
Leading Factors.
1.
If a deductor fails in deducting TDS or deducts an amount less than the
required amount, the deductor is liable to pay an interest at 1% per month
or part of the month, till the date on which TDS is deducted.
2.
43% of our survey respondents use Income Tax Department's free
e-ling website, while others do it through paid platforms.
3.
A good deal of SMEs don’t entirely know the technicalities that
come in the way of tax ling.
Eects.
1. Tax revenues above 15% of a country’s GDP are a key ingredient for
economic growth, ultimately, poverty reduction. This ensures that
countries have the money necessary to invest in the future and achieve
sustainable economic growth. Developed countries generally have a far
higher ratio.
2.
India’s gross tax-to-GDP which was 11% in FY19, fell to 9.9% in
FY20 and marginally improved to 10.2% in FY21 (partly due to
decline in GDP) and is envisaged to be 10.8% in FY22
The Problem at hand.
There is a lack of solutions in terms of automated tax e-ling
&
invoicing platforms for SMEs, businesses, enterprises and Startups
W
hat if SMEs devote their time and e
orts to upscaling their business, rest be assured by us
!
“Why don’t businesses just rely on accountants? ”
Well, we had the same question and this is what we found:
Expectation.
Single source of nancial compliance.
Small businesses have a clear understanding of their business, but
completely fall back on their CAs when it comes to the nancials of their
company
Discipline and planning.
Hiring a CA brings nancial discipline to the business. They can plan the
tax assessment in advance while calibrating the company's balance
sheet.
Man vs Machine.
CAs also take the responsibility of preparing tax returns and nding tax
deductions that apply to the particular business. Thus a software
would’nt have the insight a professional accountant will showcase.
Reality.
Collaboration and harmony.
We can’t cut out online softwares, nor can CAs be left out of the loop of
the tax system. Both are important core elements of the nancial
infrastructure.
Time is precious.
Software
-
assisted ling saves working hours and reduces a lot of manual
labour related to matching and checking invoices.
A
id in decision
-
ma
k
ing.
L
ive comparison of key
G
ST
R
such as
3
&
1
for every taxing period aids
in better on
-
spot decision making.
Our Methodology I
We conducted qualitative and quantitative research. Gathering suitable users was dicult given the time constraint.
Qualitative Research.
We interviewed 2 MSME owners & 1 Professional CA.
Note #
A lot of manual data
entry is required for
calculations and stu
before actually ling
anything
Note #
Continuous invoicing
can be done by QR
scanning the
transaction that would
make ITR ling easier
Note #
If the clients are not
from any nancial
background, then they
solely depend on the
advisor, will le
whatever returns he/she
tells them.
Note #
The government has
imposed some leniency
for ITR certication
now, as only Principal
ocers were allowed to
certify them 2 years
ago.
Quantitative Research.
We surveyed 7 MSME owners.
Methodology II
Customer Journe
Mapping
We generated a customer journey map and
followed up to create a perspective diagram
for brainstorming
P.S. we had to t the entire map here so please
zoom in and have a look.
Methodology II
Perspective Grid for Feature Generation
We followed up to create a perspective grid for solution space brainstorming
and solved key user goals and pain points.
P.S. we had to t the entire map here so please zoom in and have a look.
Our Solution
An all-in-one nancial compliance for MSMEs
We propose an idea of a tax and nancial compliance software, along with invoicing and accounting
platform for SMEs, businesses, enterprises, and startups.
GST, TDS & ITR eFiling with analytics.
Provide error-free tax ling of GST & ITR with live ling
comparisons, status matching, process tracking and more
Identify and claim Input Tax Credit via GST eling.
Error-free invoice listing.
Powerful invoicing features such as invoice tracking, payment
reminders are at your ngertips
Cross-check invoices with status matching and add suggested
invoices on recommendation.
CA-assisted ling for
on-spot consultation.
Snap, conrm & le on
your mobile.
Auto-ll details with pre-lled
forms
eFile from your mobile
wherever you want.
Built-in error-free eWay
Bill (EWB) generation
Hi, Shea
Your Dashboard
GST eFil
due date on 14
I
n
v
oi
c
e
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ie
w
no
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eFile T
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a
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ation
s
et
.
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ou
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GST
R3
pr
o
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ss
AU
G
’22
-
S
EP’22
3
44
Invoices added
1
6
Mismatches
₹
1
,50,000
Total Taxable Amount
V
iew
N
ow
GSTR
3
v
Analytics
JAN
FEB MAR
JUN JUL
AUG
H
ome
I
NV
OICES
A
ccount
85%
Our Solution I
Information Architecture
The product will have the following proposed information architecture.
Open App
Signup/Login
Continue with Email
Continue with Mobile
User Onboarding
Step 1: Personal Details
Step 2: Business Details
Home Dashboard
Reports
To-Do List
Notications
Add/Manage Client
QR scan (for mobile)
GST
GST Status/Reports
File for GST
File GSTR
Select Form
Form Guide
GSTR form
View mismatch
ITR
ITR Reports
To-Do List
Add Income Head
Add Deductions
File ITR
Form Summary
Annexures
TDS
TDS Reports
Challans
Deductees
Form-16
File TDS
Select Form
Check Form
Upload Returns
E-Way Bill
Generate E-Way bills
View Past E-Way bills
Print E-Way bills
My Transactions
Import Data
Transaction Lists
View Transaction History
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Transactions
Home
/
Invoices
/
Transactions
Invoices added
344
View
Mismatches
16
View
Total Taxable Amount
₹ 1,50,000
All
Suggested Match
Mismatched
Confirmed
Search Transactions..
Download CSV
Time
Amount
From To
By
STATUS Actions
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₹ 72,00
INR
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ees
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p
onsor
CO
N
FIRMED
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kimbo
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asket Kiran Saresh
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uwahati
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ublic Relations Kiran Saresh
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ublic Relations Kiran Saresh
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v
enue
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d
u
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d
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ED
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rint
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E
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uest
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p
onsor Mo
d
u
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Leko’s Competition
Kiran Saresh
Our Solution II
Architecture Diagram & Framework : Progressive Web App
GST module
ITR module
TDS module
E-way module
Transactions module
User modules
Invoicing ERP
Custom
Responsive PWA
Request
Service Worker
LOCAL CACHE
API
Print Invoices
Match Invoices
Mail Customers
WEB-APP SERVICES
GET
Express
MONGOD
DRIVER
NODE.j
BACKEND SERVER
GOVT. OF INDI
E-INVOICING API
Email Invoice
MONGODB
Impact & Closing Remarks
Accessible to remote MSMEs
Being cloud-based, it adds an advantage of eortless ling anywhere and at any time, with just an internet connection
required. By providing easy-to-access facilities and a user-friendly interface, we reach out to even the smallest of
businesses.
Reduced legal notices or penalties
Automated ling reduces incorrect tax lings, thus helping in minimizing the business overheads. Completely error-free tax
ling implies no legal notices or penalties addressed at the SME owners, thus advantaging them.
Keep prot margins unaected
Taking care of TDS, ITR & GST invoices ling on time, businesses won’t fall into depressing traps of late fees. These
deductibles will help SMEs keep their prot margins unaected.On the basis of year-to-year tax ling from our platform,
users will gain tax credits.
Stable Market Liquidity
The working capital of the users is basically reverting back to them. Thus, a stable Market Liquidity will be maintained.
Above all, the more money people make and save, the more will the market thrive in all aspects.
Cash will continue to
ow through the market. More Cash, More Compliance
W
ith less
‘
unsettling twists
and turns’, there will be a check on market volatility
A More Secure Market & a More
F
lourishing Market
!
W
ith this we conclude our
10
page Idea proposal for this year’s Make-a-thon. Thank you for reading
!
H
i
,
S
h
ea
Your GSTR3 progress
AUG’22 - SEP’22
344
Invoices added
16
Mismatches
₹ 1,50,000
Total Taxable Amount
V
ie
w
N
o
w
Y
our
D
as
h
board
GST eFil
due date on 14
Invoice
View now
eFile Tracke
View now
TD
eFile duration set.
G
S
T
R
3
v
Analytics
JAN
FEB MAR
JUN JUL
AUG
Home
I
NVO
ICES
A
ccount
₹14,250
/-
wort
h
IT
C
clai
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ed
Your GSTR
f
or t
h
e
m
ont
h
AUG.2022
h
as
b
een
f
iled success
f
ull
y
. You saved an
additional 2,
99
0
by
e
f
iling wit
h
us.
₹
B
ack to
H
ome
85%
